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IT contractors 'could be paying too little tax'
Some IT contractors could find themselves owing a significant amount of back taxes once this financial year ends.
HM Revenue & Customs' (HMRC) most recent bulletin claims that the latest tax codes do not take into account the 50 per cent tax rate, and that those in the top bracket will almost certainly not be paying the right amount of tax.
According to Contractor Calculator, at the heart of the issue is the tapering of personal allowances for those earning between £100,000 and £112,000 per annum.
The website claims that tens of thousands of high earners - include many IT contractors - will not be paying enough tax and won't realise until the end of the fiscal year.
"HMRC never did the sums and no one got updated tax codes that took into account their total earnings, leaving many people with incorrect codes resulting in taxpayers paying too little," Contractor Calculator notes.
The Association of Chartered Certified Accountants claimed earlier this week that the UK tax system is too complicated and is causing confusion among employers.
HM Revenue & Customs' (HMRC) most recent bulletin claims that the latest tax codes do not take into account the 50 per cent tax rate, and that those in the top bracket will almost certainly not be paying the right amount of tax.
According to Contractor Calculator, at the heart of the issue is the tapering of personal allowances for those earning between £100,000 and £112,000 per annum.
The website claims that tens of thousands of high earners - include many IT contractors - will not be paying enough tax and won't realise until the end of the fiscal year.
"HMRC never did the sums and no one got updated tax codes that took into account their total earnings, leaving many people with incorrect codes resulting in taxpayers paying too little," Contractor Calculator notes.
The Association of Chartered Certified Accountants claimed earlier this week that the UK tax system is too complicated and is causing confusion among employers.
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